The Future of Corning Glass

" Well at a time when many old line manufacturing businesses are struggling to stay alive their heads of 158. Year old company. That keeps changing its products to meet the times. Question might expect point glad to have its own crystal ball we're joined for exclusive interview with Peter -- not if he's Clinton's presidency. Operating officer thanks for senate for having me here today you are in many businesses but probably the most important business according in the last few years has been the LCD business about happier revenue by certain estimates. Demand is slowing down we are a global recession and downturn when everyone column right now. How is this affecting your business and argued that trying to and it changed with the times."

" Well quite frankly the the retail market for LCD TVs is very strong. We're seeing volume increases 2030 and 40% at retail over prior year per LCD TV where bill because we're not seeing that circuit city's plan that -- out of business but would demand in the US has been up thirty to 40% since the beginning of the year. Same is true in Europe and also in in China. So what's happened to us over the past six months is really a supply chain contraction. Due to fear over credits and and fear over the recession among suppliers. However that's coming to a man and recently we've seen our volume increase as the supply chain. Has grown healthier."

" I you know Moody's has as that you want to negative outlook now that happened today they're concerned about. Your debt situation addressed that if you don't mind."

" I'm not aware of of -- Moody's downgrade we have twice the amount. Of cash has debt ridden and a very clear that outlook fell on signs I did I'm not -- you let you know you've got me at a loss I got I am not aware of that."

" Okay okay that happened today but there they are concerned about. About cash flow about profits of the company they actually point to my first question what was the LCD market as well -- that's a minute they're putting out there. Into the the stock universe today for your companies and investors are probably curious. As -- as your first."

" Question well we is that I yes so we have taken up actions to address negative cash flow which occurred in the fourth quarter. This quarter we have. Announced a reduction of about 13% of our workforce. Some plant consolidations. And we are on extended. Shutdowns and a number of locations having said that we are seeing a pretty significant improvement in demand for LCD glass. And that we anticipated -- quarter to a came a little earlier we would expect continuing recovery in -- to for VO CB business. -- wrapped expenses are less than that you don't spend a bleed on a half million dollars recently developed further house like going well we've this the fiber -- business is actually quite strong what's happening is that weakness in North America. Is being more than offset by strength in China. The Chinese are building out their three G networks. -- every cell phone tower at the bottom of those towers say an optical fiber. Cable. And we better have been benefiting from the so we're operating quite full these days. In our fiber optics business and can't -- talk to your shareholders for just a -- they're out there you know. Beginning of the decade UR 113 -- share 28 per share last mayor now on eleven dollar range today he sane folks. Well I think were caught up in the same downturn and everyone else's there were about half where we were at this time last year. We recovered significantly in the past few weeks. Dollars and gathered up thirteen under and a half the last time I checked whether we were as low eighties and the depths of the of the downturn so we are making a recovery I think our. Our news recently on the improvement LCD businesses. Is having an impact amongst our shareholders. And as we always -- be patient with Corning. We have a lot in the in the pot cooking new and that combination with a LCD improvement I think who will benefit in the long term."

" You have had that do your job cuts most companies have not -- 500 jobs or do you think you're gonna have to do. More job cuts to stay competitive this year."

" Well we hope not we think we. Gone about as much as we need to at this point we're gonna watch the -- situation. If we see need for further. Adjustments later on we will do that. But right at this point we're feeling pretty good about things on the actions that we've taken."

" Your topic FDA -- not guess I wish the best of luck from Corning thank you thank you for having honey and and certainly."

" They'll long history standards are hiring New York accordingly or it were named after the town -- Peter thank you very much for coming in."